Credo Brands Marketing Limited (MUFTI) Stock - Complete Technical Analysis - Sep 13, 2024

Credo Brands (MUFTI) Technical Analysis: Key Support & Resistance Levels Revealed

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Credo Brands Marketing Limited (MUFTI) is currently trading at 213, showing a mixed technical outlook. The RSI indicates the stock is in neutral territory, suggesting balanced buying and selling pressure. However, the MACD remains positive, indicating underlying bullish momentum. The Awesome Oscillator and Bull Bear Power both reinforce the positive trend, though the Stochastic RSI shows the stock might be approaching overbought conditions.

Resistance levels are seen near the 220-230 range, with significant overhead supply around the 52-week high of 324.8. If the stock continues its upward move, it might encounter resistance in this zone. On the downside, support is likely around the 200-205 area, where the stock is currently trading close to key moving averages and recent pivot points. A potential drop below this support could lead to further testing of lower support levels around 150-160.

The Spinning Top pattern observed today indicates market indecision, which suggests that traders should be cautious as the stock may experience volatility. The ADX, which shows a strong trend, supports the current uptrend but highlights the importance of monitoring for potential reversals or consolidations.